Intrinsic value of PriceSmart - PSMT

Previous Close

$82.20

  Intrinsic Value

$52.48

stock screener

  Rating & Target

sell

-36%

  Value-price divergence*

+5%

Previous close

$82.20

 
Intrinsic value

$52.48

 
Up/down potential

-36%

 
Rating

sell

 
Value-price divergence*

+5%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PSMT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.64
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  2,905
  3,010
  3,122
  3,243
  3,372
  3,510
  3,656
  3,812
  3,977
  4,151
  4,337
  4,532
  4,739
  4,957
  5,187
  5,430
  5,686
  5,955
  6,239
  6,538
  6,853
  7,184
  7,532
  7,898
  8,283
  8,688
  9,114
  9,561
  10,032
  10,526
  11,045
Variable operating expenses, $m
 
  2,853
  2,960
  3,074
  3,196
  3,326
  3,465
  3,612
  3,769
  3,934
  4,109
  4,291
  4,487
  4,693
  4,911
  5,141
  5,383
  5,638
  5,907
  6,190
  6,488
  6,801
  7,131
  7,478
  7,842
  8,226
  8,629
  9,052
  9,497
  9,965
  10,457
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,768
  2,853
  2,960
  3,074
  3,196
  3,326
  3,465
  3,612
  3,769
  3,934
  4,109
  4,291
  4,487
  4,693
  4,911
  5,141
  5,383
  5,638
  5,907
  6,190
  6,488
  6,801
  7,131
  7,478
  7,842
  8,226
  8,629
  9,052
  9,497
  9,965
  10,457
Operating income, $m
  137
  157
  163
  169
  176
  183
  191
  199
  208
  217
  227
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
  441
  463
  485
  509
  534
  560
  588
EBITDA, $m
  177
  199
  206
  214
  223
  232
  241
  252
  263
  274
  286
  299
  313
  327
  342
  359
  375
  393
  412
  432
  452
  474
  497
  521
  547
  574
  602
  631
  662
  695
  729
Interest expense (income), $m
  5
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  53
  56
  60
Earnings before tax, $m
  131
  153
  158
  164
  170
  176
  183
  190
  198
  206
  214
  227
  237
  247
  257
  269
  281
  293
  306
  320
  334
  350
  366
  383
  401
  419
  439
  460
  482
  504
  528
Tax expense, $m
  43
  41
  43
  44
  46
  48
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  76
  79
  83
  86
  90
  94
  99
  103
  108
  113
  119
  124
  130
  136
  143
Net income, $m
  89
  112
  115
  120
  124
  129
  134
  139
  144
  150
  157
  166
  173
  180
  188
  196
  205
  214
  223
  234
  244
  255
  267
  279
  292
  306
  321
  336
  352
  368
  386

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,097
  929
  964
  1,001
  1,041
  1,084
  1,129
  1,177
  1,228
  1,282
  1,339
  1,399
  1,463
  1,530
  1,602
  1,676
  1,755
  1,839
  1,926
  2,019
  2,116
  2,218
  2,325
  2,438
  2,557
  2,682
  2,814
  2,952
  3,097
  3,250
  3,410
Adjusted assets (=assets-cash), $m
  897
  929
  964
  1,001
  1,041
  1,084
  1,129
  1,177
  1,228
  1,282
  1,339
  1,399
  1,463
  1,530
  1,602
  1,676
  1,755
  1,839
  1,926
  2,019
  2,116
  2,218
  2,325
  2,438
  2,557
  2,682
  2,814
  2,952
  3,097
  3,250
  3,410
Revenue / Adjusted assets
  3.239
  3.240
  3.239
  3.240
  3.239
  3.238
  3.238
  3.239
  3.239
  3.238
  3.239
  3.239
  3.239
  3.240
  3.238
  3.240
  3.240
  3.238
  3.239
  3.238
  3.239
  3.239
  3.240
  3.240
  3.239
  3.239
  3.239
  3.239
  3.239
  3.239
  3.239
Average production assets, $m
  453
  469
  487
  506
  526
  547
  570
  595
  620
  648
  677
  707
  739
  773
  809
  847
  887
  929
  973
  1,020
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,422
  1,492
  1,565
  1,642
  1,723
Working capital, $m
  145
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
Total debt, $m
  105
  88
  105
  123
  142
  162
  183
  206
  230
  256
  283
  312
  342
  374
  408
  444
  482
  521
  563
  607
  653
  702
  753
  807
  863
  923
  985
  1,051
  1,120
  1,193
  1,269
Total liabilities, $m
  459
  442
  459
  477
  496
  516
  537
  560
  584
  610
  637
  666
  696
  728
  762
  798
  836
  875
  917
  961
  1,007
  1,056
  1,107
  1,161
  1,217
  1,277
  1,339
  1,405
  1,474
  1,547
  1,623
Total equity, $m
  638
  487
  505
  525
  545
  568
  591
  617
  643
  672
  702
  733
  767
  802
  839
  878
  920
  963
  1,009
  1,058
  1,109
  1,162
  1,218
  1,278
  1,340
  1,406
  1,474
  1,547
  1,623
  1,703
  1,787
Total liabilities and equity, $m
  1,097
  929
  964
  1,002
  1,041
  1,084
  1,128
  1,177
  1,227
  1,282
  1,339
  1,399
  1,463
  1,530
  1,601
  1,676
  1,756
  1,838
  1,926
  2,019
  2,116
  2,218
  2,325
  2,439
  2,557
  2,683
  2,813
  2,952
  3,097
  3,250
  3,410
Debt-to-equity ratio
  0.165
  0.180
  0.210
  0.230
  0.260
  0.280
  0.310
  0.330
  0.360
  0.380
  0.400
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
Adjusted equity ratio
  0.507
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  89
  112
  115
  120
  124
  129
  134
  139
  144
  150
  157
  166
  173
  180
  188
  196
  205
  214
  223
  234
  244
  255
  267
  279
  292
  306
  321
  336
  352
  368
  386
Depreciation, amort., depletion, $m
  40
  42
  44
  45
  47
  48
  50
  52
  54
  57
  59
  58
  61
  63
  66
  69
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  117
  122
  128
  135
  141
Funds from operations, $m
  139
  154
  159
  165
  171
  177
  184
  191
  199
  207
  216
  224
  233
  244
  254
  266
  277
  290
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  503
  527
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  140
  155
  160
  166
  172
  178
  185
  192
  200
  208
  217
  225
  235
  245
  256
  268
  280
  292
  306
  320
  334
  350
  366
  383
  401
  420
  440
  461
  484
  507
  531
Maintenance CAPEX, $m
  0
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -128
  -135
New CAPEX, $m
  -78
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
Cash from investing activities, $m
  -78
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -187
  -195
  -205
  -216
Free cash flow, $m
  62
  101
  104
  107
  110
  114
  117
  121
  126
  130
  135
  139
  145
  151
  157
  163
  170
  177
  185
  193
  202
  211
  220
  230
  240
  251
  263
  275
  288
  301
  316
Issuance/(repayment) of debt, $m
  7
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  5
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  69
  73
  76
Total cash flow (excl. dividends), $m
  63
  116
  120
  125
  129
  134
  139
  144
  150
  156
  162
  168
  175
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  357
  374
  392
Retained Cash Flow (-), $m
  -71
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
Prev. year cash balance distribution, $m
 
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  267
  102
  105
  108
  112
  115
  119
  123
  128
  132
  136
  142
  147
  153
  160
  166
  173
  181
  189
  197
  206
  215
  225
  235
  245
  257
  268
  281
  294
  308
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  256
  94
  91
  89
  86
  84
  80
  77
  73
  69
  65
  61
  56
  51
  47
  42
  38
  33
  29
  25
  21
  18
  15
  12
  10
  7
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

PriceSmart, Inc. owns and operates membership shopping warehouse clubs in the United States, Central America, Caribbean, and Colombia. The company’s warehouse clubs offer brand name and private label consumer goods to individuals and businesses. As of August 31, 2016, it operated 38 warehouse clubs comprising 6 each in Costa Rica and Colombia; 5 in Panama; 4 in Trinidad; 3 each in Guatemala, Honduras, and in the Dominican Republic; 2 in El Salvador and Nicaragua; and 1 each in Aruba, Barbados, Jamaica, and the United States Virgin Islands. PriceSmart, Inc. was founded in 1994 and is headquartered in San Diego, California.

FINANCIAL RATIOS  of  PriceSmart (PSMT)

Valuation Ratios
P/E Ratio 28.1
Price to Sales 0.9
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 40.3
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 11.4%
Total Debt to Equity 16.5%
Interest Coverage 27
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 12.7%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 14.8%
Return On Equity - 3 Yr. Avg. 16.3%
Asset Turnover 2.8
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 15.9%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin 4.5%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 23.6%

PSMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSMT stock intrinsic value calculation we used $2905 million for the last fiscal year's total revenue generated by PriceSmart. The default revenue input number comes from 2016 income statement of PriceSmart. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSMT stock valuation model: a) initial revenue growth rate of 3.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSMT is calculated based on our internal credit rating of PriceSmart, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PriceSmart.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSMT stock the variable cost ratio is equal to 94.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PSMT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5% for PriceSmart.

Corporate tax rate of 27% is the nominal tax rate for PriceSmart. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSMT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSMT are equal to 15.6%.

Life of production assets of 12.2 years is the average useful life of capital assets used in PriceSmart operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSMT is equal to -0.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $638 million for PriceSmart - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 29.556 million for PriceSmart is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PriceSmart at the current share price and the inputted number of shares is $2.4 billion.

RELATED COMPANIES Price Int.Val. Rating
COST Costco Wholesa 159.76 106.18  sell
WMT Wal-Mart Store 80.98 72.08  hold
BIG Big Lots 50.54 50.26  hold
TGT Target 56.31 69.49  buy
FIVE Five Below 47.90 49.43  hold
FRED Fred's 6.08 2.02  str.sell

COMPANY NEWS

▶ New Strong Sell Stocks for August 9th   [Aug-09-17 09:18AM  Zacks]
▶ PriceSmart Announces July Sales   [Aug-07-17 08:00AM  PR Newswire]
▶ Costco, PriceSmart: Good Companies, So-So Values   [Jul-11-17 03:00PM  TheStreet.com]
▶ Story Stocks from Briefing.com   [11:07AM  Briefing.com]
▶ PriceSmart posts 3Q profit   [Jul-05-17 09:09PM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Jul-02-17 02:41PM  Motley Fool]
▶ Key Takeaways from Dollar Trees 1Q17 Results   [May-30-17 12:02PM  Market Realist]
▶ PriceSmart Announces April Sales   [May-05-17 08:00AM  PR Newswire]
▶ ETFs with exposure to PriceSmart, Inc. : April 19, 2017   [Apr-19-17 02:31PM  Capital Cube]
▶ What Happened in the Stock Market Today   [04:52PM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:12AM  Briefing.com]
▶ PriceSmart shares slip after earnings miss Street view   [Apr-06-17 04:16PM  MarketWatch]
▶ PriceSmart posts 2Q profit   [04:07PM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Apr-02-17 03:31PM  Motley Fool]
▶ Week Ahead: The GOP Girds for Battle ... With Itself   [Apr-01-17 10:12AM  TheStreet.com]
▶ PriceSmart Announces January Sales   [Feb-07-17 08:00AM  Marketwired]
▶ PriceSmart Announces Semi-Annual Dividend   [08:00AM  Marketwired]
▶ What Happened in the Stock Market Today   [04:41PM  at Motley Fool]
▶ PriceSmart Announces December 2016 Sales   [08:00AM  Marketwired]
▶ [$$] PriceSmart's Profit, Revenue Rise Despite Sales Slowdown   [Jan-05-17 06:19PM  at The Wall Street Journal]
▶ 3 Things to Watch in the Stock Market This Week   [Jan-02-17 09:39AM  at Motley Fool]
▶ Post Earnings Coverage as Fred's Revenue Declined 4.5%   [Dec-19-16 08:15AM  Accesswire]
Stock chart of PSMT Financial statements of PSMT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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